Partner marketing presents itself as a massive and growing sales channel for many brands. However, too often, new partnership arrangements are slow to implement due to unclear lines of authority and responsibility. This can be changed by focusing on these 5 key principles.
1. Identify the right partners
When choosing a partner marketing solution you should take a strategic approach when identifying what businesses to work with. In evaluating partner candidates, look for:
- audience alignment
- shared brand value
2. Establish responsibilities early
Be sure to identify the individuals responsible for forming, implementing, and managing partnerships. Ensure these duties are incorporated as core responsibilities for those individuals, rather than informal add-on tasks.
3. Perfect your pitch
In crafting your partnership deal, carefully consider the prospective partner’s needs as well as your own. Many partnerships don’t leave the ideation stage because of confused or unclear expectations. When that information is made clear from the start, there will be no surprises to hinder or impede progress later.
4. Develop a standard deal structure
When partnerships are new or less familiar to a prospective partner, it’s wise to come into a discussion with a recommendation on how the partnership would benefit each party.
5. Identify a simple means for financial measurement and settlement
It’s imperative that business development ensure their organizations can quickly take their deals and implement them. In conclusion, taking more time to find a system or service that has a defined process for getting partnerships off the ground will streamline your path to partnership implementation and growth.